Question: How much money should I invest at an annually compounded interest rate of $5\%$  so that I have $\$500,\!000$ in ten years?  Express your answer as a dollar value rounded to the nearest cent.
Answer: This question is equivalent to asking, "What is the present value of $\$500,\!000$ paid 10 years from now if the annually compounded interest rate is $5\%$?"  This present value is \[\frac{\$500,\!000}{(1+0.05)^{10}} \approx \boxed{\$306,\!956.63}.\]